Beijing Gao Hua Securities is a domestic Chinese securities brokerage and proprietary trading business. Fang Fenglei, the chairman of Goldman Gao Hua, stepped down from day-to-day operations in 2007 to focus on his own China fund, Hopu.

While strong across Asia, Goldman’s stock underwriting and M&A adviser business in China has lagged competitors. (Reporting by Michael Flaherty; Editing by Jacqueline Wong)